Welcome!

Containers Expo Blog Authors: Liz McMillan, Pat Romanski, Yeshim Deniz, Elizabeth White, Zakia Bouachraoui

News Feed Item

Symbility Solutions Reports Revenue of $7.1 Million in Q2 2014

TORONTO, ONTARIO -- (Marketwired) -- 08/15/14 -- Symbility Solutions Inc. (the "Corporation"), (TSX VENTURE: SY) a global provider of cloud-based and smartphone/tablet-enabled claims technology for the property and casualty and health insurance industries, today reported that revenue increased to $7.1 million for the three months ending June 30, 2014. This compares to revenues of $6.0 million in the same period last year, which represents an increase of 17% or $1.1 million. This brings the six month revenue total to $14.2 million versus $11.0 million for the first half of last year, representing a 30% increase year to date.

The net loss for the three months ending June 30, 2014 was $101,000 and represents a basic and fully diluted loss per share of ($0.00). This compares to net loss of $334,000 in the same period last year, representing a basic and fully diluted loss per share of ($0.00). The Corporation has a cash balance of $16.1 million as at June 30, 2014.

The Corporation believes adjusted EBITDA(1) is also a useful measure as a proxy for operating cash flow and facilitates period-to-period operating comparisons. Adjusted EBITDA for the three months ending June 30, 2014 was $610,000 compared to adjusted EBITDA of $635,000 in the same period last year.

"We are focused on expanding our reach in Europe, Asia Pacific and other parts of the world as well as offering new technology solutions to complement and enhance our existing array of products in the North American market. Along these lines, we have initiated several strategic partnerships which are generating new business opportunities that will help grow our customer base," stated James Swayze, Chief Executive Officer, Symbility Solutions Inc.

Selected Financial Information

----------------------------------------------------------------------------
                   Three months ended June 30,    Six months ended June 30,
                   ---------------------------  ----------------------------
                            2014          2013           2014          2013
----------------------------------------------------------------------------
Revenue             $      7,066   $     6,019    $    14,248   $    10,994
----------------------------------------------------------------------------
Cost of Sales       $      1,229   $     1,107    $     2,559   $     2,104
----------------------------------------------------------------------------
Expenses            $      5,978   $     5,275    $    12,564   $    11,254
----------------------------------------------------------------------------
Net Loss            $       (101)  $      (334)   $      (799)  $    (2,306)
----------------------------------------------------------------------------
Adjusted EBITDA     $        610   $       635    $     1,417   $       434
----------------------------------------------------------------------------
Loss per share (1)  $      (0.00)  $     (0.00)   $     (0.00)  $     (0.01)
============================================================================


----------------------------------------------------------------------------
As at June 30, 2014 and December 31, 2013, in
 thousands of dollars                                 2014              2013
----------------------------------------------------------------------------
Cash and cash equivalents                      $    16,109       $    12,173
----------------------------------------------------------------------------
Total Assets                                   $    37,531       $    33,613
----------------------------------------------------------------------------
Total long term liabilities                    $       347       $       350
----------------------------------------------------------------------------


The Corporation has provided a reconciliation of adjusted EBITDA to IFRS net loss in the following table:


----------------------------------------------------------------------------
                                Three months ended         Six months ended
                                          June 30,                 June 30,
                           -----------------------  ------------------------
                                  2014        2013         2014        2013
----------------------------------------------------------------------------
IFRS Net Loss               $     (101) $     (334)  $     (799) $   (2,306)
Finance income, net                (41)        (29)         (80)        (61)
Depreciation and
 amortization                      471         407          918         782
Stock-based compensation           280         591        1,374       2,016
Income tax expense                   1           -            4           3
----------------------------------------------------------------------------
Adjusted EBITDA             $      610  $      635   $    1,417  $      434
============================================================================

(1) Adjusted EBITDA is defined as earnings before interest income, taxes,
    depreciation and amortization, impairment losses, stock-based
    compensation, and other non-recurring gains or losses including
    transaction costs related to acquisition. Management believes Adjusted
    EBITDA is a useful measure that facilitates period-to-period operating
    comparisons. Adjusted EBITDA does not have any standardized meaning
    prescribed by IFRS and is not necessarily comparable to similar measures
    presented by other companies. Adjusted EBITDA should not be considered
    in isolation or as a substitute for net income (loss) prepared in
    accordance with IFRS as issued by the IASB.

(2) In Canadian dollars, rounded to the nearest cent.

About Symbility Solutions Inc.

Symbility Solutions® (TSX VENTURE: SY) is a global provider of cloud-based and smartphone/tablet-enabled claims technology for the property and health insurance industries. Designed to be flexible and easy-to-use, Symbility Solutions' two product suites, Symbility Property™ and Symbility Health™, empower insurers to collaborate across the entire claims processing workflow and reduce costs while delivering a market-leading claims experience. For more information, please visit www.symbilitysolutions.com or follow Symbility on Twitter at @symbility and on LinkedIn at symbility-solutions.

This press release should be read in conjunction with Corporation's consolidated financial statements and related notes, and management's discussion and analysis for the period ending June 30, 2014, copies of which can be found at http://www.sedar.com.

Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially. Symbility Solutions Inc. will not update these forward-looking statements to reflect events or circumstances after the date hereof. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by Symbility Solutions Inc.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

All trade names are the property of their respective owners.


Symbility Solutions Inc.
Interim Consolidated Statements of Financial Position
(Unaudited - In thousands of Canadian dollars)
============================================================================

                                                        As at
                                         -----------------------------------
                                           June 30, 2014   December 31, 2013
Assets
  Current assets
  Cash and cash equivalents                       16,109              12,173
  Accounts receivable and other assets             4,301               4,153
  Prepaid expenses and other assets                  635                 791
                                         ===================================
                                                  21,045              17,117


  Long-term assets
  Security deposits                                   50                  33
  Property and equipment                             883                 675
  Intangible assets                                8,782               9,017
  Goodwill                                         6,771               6,771
                                         -----------------------------------
                                                  37,531              33,613
                                         ===================================
Liabilities
  Current liabilities
    Accounts payable and accrued
     liabilities                                   3,845               3,755
    Deferred revenue                               6,063               3,032
                                         -----------------------------------
                                                   9,908               6,787
  Long-term liabilities
    Finance lease obligations                          2                   5
    Customer deposits                                345                 345
                                         -----------------------------------
                                                  10,255               7,137
                                         -----------------------------------

Shareholders' equity                              27,276              26,476
                                         -----------------------------------
                                                  37,531              33,613
                                         ===================================


Symbility Solutions Inc.
Interim Consolidated Statements of Loss and Comprehensive Loss
(Unaudited - In thousands of Canadian dollars, except per share data)
============================================================================

                         Three-month period ended   Six-month period ended
                                 June 30                   June 30
                        ========================= ==========================
                                2014         2013         2014         2013

Revenue                        7,066        6,019       14,248       10,994

Cost of sales                  1,229        1,107        2,559        2,104
                        ----------------------------------------------------

                               5,837        4,912       11,689        8,890
                        ----------------------------------------------------

Expenses
  Sales and marketing          2,478        2,401        5,615        5,135
  General and
   administration              1,703        1,794        3,649        3,989
  Research and
   development                 1,526        1,026        3,311        2,013
  Other operating
   (income)                      271           54          (11)         117
                        ====================================================
                               5,978        5,275       12,564       11,254
                        ----------------------------------------------------

Loss before finance
 income, net and income
 tax expense                    (141)        (363)        (875)      (2,364)

Finance income, net              (41)         (29)         (80)         (61)
Income tax expense                 1            -            4            3
                        ----------------------------------------------------

Net loss and
 comprehensive loss for
 the period                     (101)        (334)        (799)      (2,306)

Basic and diluted loss
 and comprehensive loss
 per common share              (0.00)       (0.00)       (0.00)       (0.01)

Weighted average number
 of common shares
 outstanding
Basic and diluted        209,061,193  205,070,400  207,405,740  204,523,466
                        ====================================================

Contacts:
Media Contacts:
Symbility Solutions Inc.
James R. Swayze
Chief Executive Officer
(647) 775-8603
[email protected]

Symbility Solutions Inc.
Blair R. Baxter
Chief Financial Officer
(647) 775-8608
[email protected]

Symbility Solutions Inc.
Lucy De Oliveira
Marketing Director
(647) 775-8607
[email protected]
www.symbilitysolutions.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

IoT & Smart Cities Stories
The deluge of IoT sensor data collected from connected devices and the powerful AI required to make that data actionable are giving rise to a hybrid ecosystem in which cloud, on-prem and edge processes become interweaved. Attendees will learn how emerging composable infrastructure solutions deliver the adaptive architecture needed to manage this new data reality. Machine learning algorithms can better anticipate data storms and automate resources to support surges, including fully scalable GPU-c...
Machine learning has taken residence at our cities' cores and now we can finally have "smart cities." Cities are a collection of buildings made to provide the structure and safety necessary for people to function, create and survive. Buildings are a pool of ever-changing performance data from large automated systems such as heating and cooling to the people that live and work within them. Through machine learning, buildings can optimize performance, reduce costs, and improve occupant comfort by ...
The explosion of new web/cloud/IoT-based applications and the data they generate are transforming our world right before our eyes. In this rush to adopt these new technologies, organizations are often ignoring fundamental questions concerning who owns the data and failing to ask for permission to conduct invasive surveillance of their customers. Organizations that are not transparent about how their systems gather data telemetry without offering shared data ownership risk product rejection, regu...
René Bostic is the Technical VP of the IBM Cloud Unit in North America. Enjoying her career with IBM during the modern millennial technological era, she is an expert in cloud computing, DevOps and emerging cloud technologies such as Blockchain. Her strengths and core competencies include a proven record of accomplishments in consensus building at all levels to assess, plan, and implement enterprise and cloud computing solutions. René is a member of the Society of Women Engineers (SWE) and a m...
Poor data quality and analytics drive down business value. In fact, Gartner estimated that the average financial impact of poor data quality on organizations is $9.7 million per year. But bad data is much more than a cost center. By eroding trust in information, analytics and the business decisions based on these, it is a serious impediment to digital transformation.
Digital Transformation: Preparing Cloud & IoT Security for the Age of Artificial Intelligence. As automation and artificial intelligence (AI) power solution development and delivery, many businesses need to build backend cloud capabilities. Well-poised organizations, marketing smart devices with AI and BlockChain capabilities prepare to refine compliance and regulatory capabilities in 2018. Volumes of health, financial, technical and privacy data, along with tightening compliance requirements by...
Predicting the future has never been more challenging - not because of the lack of data but because of the flood of ungoverned and risk laden information. Microsoft states that 2.5 exabytes of data are created every day. Expectations and reliance on data are being pushed to the limits, as demands around hybrid options continue to grow.
Digital Transformation and Disruption, Amazon Style - What You Can Learn. Chris Kocher is a co-founder of Grey Heron, a management and strategic marketing consulting firm. He has 25+ years in both strategic and hands-on operating experience helping executives and investors build revenues and shareholder value. He has consulted with over 130 companies on innovating with new business models, product strategies and monetization. Chris has held management positions at HP and Symantec in addition to ...
Enterprises have taken advantage of IoT to achieve important revenue and cost advantages. What is less apparent is how incumbent enterprises operating at scale have, following success with IoT, built analytic, operations management and software development capabilities - ranging from autonomous vehicles to manageable robotics installations. They have embraced these capabilities as if they were Silicon Valley startups.
As IoT continues to increase momentum, so does the associated risk. Secure Device Lifecycle Management (DLM) is ranked as one of the most important technology areas of IoT. Driving this trend is the realization that secure support for IoT devices provides companies the ability to deliver high-quality, reliable, secure offerings faster, create new revenue streams, and reduce support costs, all while building a competitive advantage in their markets. In this session, we will use customer use cases...